Travel + Leisure initiated with an Outperform at JMP Securities

JMP Securities initiated coverage of Travel + Leisure with an Outperform rating and $50 price target. The analyst initiated coverage on the timeshare industry with a positive outlook. Strong demographic trends and consolidation across the vacation ownership industry has resulted in an environment where the top operators should be able to realize outsized value over the next decade, the analyst tells investors in a research note. The firm believes near-term headwinds have been priced into the stocks and/or are reflected in 2024 and 2025 estimates.